Tesla, the car maker that was recently acquired by Chinese conglomerate TSLA, is offering a $1.5 million loan to anyone who buys a second-sale Tesla in China, the first of its kind in the country.
The company also says it will waive the $1 million down payment for buyers of the Model 3 and $1 billion down payment on the Model X, which were recently launched in the US.
The loan will be fully repaid within two years, the company said on Tuesday.
The deal was announced at the Chinese National Autonomous Technology Week, which takes place on Thursday.
Tesla CEO Elon Musk has made the case for the carmaker’s second-generation Model 3 as the perfect vehicle for consumers, especially as the market for such cars has shrunk significantly in the last few years.
Musk said at the launch of the vehicle that it would be the first Tesla to be offered with a full interior suite.
He also said that buyers will have a choice between a “basic” or “luxury” version of the car.
The second-gen Model 3 will have the highest price point in the Tesla lineup, which is currently priced at $68,000.
Tesla plans to start selling the Model S, which has a starting price of $84,000, in early 2018.
The Model 3, which will go on sale in the coming months, will be built in Taiwan and have a lower price point, Musk said during the launch.
Tesla says the loan will help to make up for the $5 billion in loan fees that were levied by the government of China.
The $1M loan will not be paid back until 2020, after the car company has already sold more than 100,000 Model 3s, Musk added.
Tesla’s second sales in China in the past two years has generated interest from local buyers, with local carmakers and auto companies alike vying for the first-ever car buyers’ market.
The Tesla China loan will make up roughly 30 percent of the total loan amount that will be given out to buyers, Tesla said.
In addition to the $500 loan, Tesla will offer a $50,000 loan for the purchase of a second home and $250,000 for a third home.
This article originally appeared on Business Insider UK.